{"id":312157,"date":"2024-05-29T10:24:00","date_gmt":"2024-05-29T04:54:00","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=312157"},"modified":"2024-05-29T10:25:50","modified_gmt":"2024-05-29T04:55:50","slug":"blackrocks-ibit-becomes-largest-bitcoin-fund-overtaking-grayscale-crypto-news-2","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/blackrocks-ibit-becomes-largest-bitcoin-fund-overtaking-grayscale-crypto-news-2\/","title":{"rendered":"BlackRock’s IBIT Becomes Largest Bitcoin Fund Overtaking Grayscale – Crypto News"},"content":{"rendered":"

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In a major milestone, BlackRock\u2019s spot Bitcoin ETF IBIT has emerged as the largest Bitcoin fund in the market overtaking Grayscale\u2019s GBTC. The flippening happened on Tuesday, May 28, as the BlackRock Bitcoin ETF recorded more than $100 million in inflows. The Bitcoin price<\/a> is up by 1% in the last 24 hours moving past $68,700 levels.<\/p>\n

BlackRock Holds ~$20 Billion Worth of Bitcoins<\/h3>\n

In just four months, BlackRock\u2019s spot Bitcoin ETF ($IBIT) has amassed an impressive AUM of nearly $19.79 billion. Meanwhile, Grayscale\u2019s GBTC AUM has declined by ~$18 billion during the same period, now standing at $19.75 billion.<\/p>\n

<\/p>\n

With this rapid growth and Grayscale\u2019s net outflows, BlackRock has managed to surpass Grayscale as the world\u2019s largest Bitcoin spot ETF by AUM.<\/p>\n

On May 28, Bitcoin ETFs saw total net inflows of 632 BTC, equivalent to $43.3 million. It has been the eleventh consecutive day of Bitcoin ETF inflows<\/a>. BlackRock led the way with an addition of 1,505 BTC ($102 million), surpassing Grayscale to become the largest Bitcoin ETF. Fidelity also saw an increase, adding 505 BTC ($34 million). In contrast, Grayscale experienced a net outflow of 1,550 BTC ($105 million).<\/p>\n

<\/p>\n

In another interesting development, BlackRock also added nearly $4.1 million worth of IBIT shares to its two other funds. As per the SEC filing on Tuesday, BlackRock added $3.6 million of its IBIT shares to its BlackRock Strategic Income Opportunities Portfolio (BSIIX), and $486,000 worth of IBIT shares to its BlackRock Strategic Global Bond Fund (MAWIX).<\/p>\n

<\/p>\n

ETFs Alone Control 5% of Total BTC Supply<\/h3>\n

Amid the strong support given by institutional investors, Bitcoin ETF funds trading worldwide now cater to 5% of the total Bitcoin supply.<\/p>\n

Spot Bitcoin ETFs now hold nearly 5% of Bitcoin\u2019s total supply of 21 million coins. According to data from the blockchain analytics platform Dune, U.S. Spot BTC ETFs collectively hold approximately 842,000 BTC, valued at around $57.2 billion.<\/p>\n

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This accounts for 4.27% of the current BTC supply. Globally, BTC ETF issuers hold about 1,002,343 BTC, as shared in a screenshot on X (formerly Twitter) by MicroStrategy co-founder and former CEO, Michael Saylor.<\/p>\n

The BTC price has been showing a mild upside move, however, continues to trade under its crucial resistance of $70,000. Some of the BTC on-chain dat<\/a>a hints at a bullish move going ahead.<\/p>\n

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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In a major milestone, BlackRock\u2019s spot Bitcoin ETF IBIT has emerged as the largest Bitcoin fund in the market overtaking Grayscale\u2019s GBTC. The flippening happened on Tuesday, May 28, as the BlackRock Bitcoin ETF recorded more than $100 million in inflows. The Bitcoin price is up by 1% in the last 24 hours moving past […]<\/p>\n","protected":false},"author":2,"featured_media":278200,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-312157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/312157","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=312157"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/312157\/revisions"}],"predecessor-version":[{"id":312173,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/312157\/revisions\/312173"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/278200"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=312157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=312157"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=312157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}